AGN closes lower for the 2nd day in a row


Allergan plc (AGN) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team

Highlights

AGN dominated by bears dragging the market lower throughout the day
AGN closes lower for the 2nd day in a row
AGN breaks below Thursday's low

Overview

Moving lower for the 2nd day in a row, AGN finished the week 0.64% higher at 198.32 after losing $0.94 (-0.47%) today, underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 199.14, the market confirmed its breakout through the prior session low after trading up to $1.20 below it intraday.

Daily Candlestick Chart (AGN as at Feb 14, 2020):

Daily technical analysis candlestick chart for Allergan plc (AGN) as at Feb 14, 2020

Friday's trading range has been $1.46 (0.73%), that's slightly below the last trading month's daily average range of $1.72. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for AGN.

One bearish candlestick pattern matches today's price action, the Black Candle.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Black Candle" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Allergan plc. Out of 543 times, AGN closed higher 50.09% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 59.12% with an average market move of 1.05%.


Market Conditions for AGN as at Feb 14, 2020

Loading Market Conditions for AGN (Allergan plc)...
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